The oversubscribed Series E round was led by private equity firm KKR & Co, and also attracted interest from the owners of various teams in the NFL American football and NBA basketball leagues, in addition to a number of existing investors such as Pentech Ventures and Shamrock Capital. FanDuel says it will use the cash to boost customer acquisition, launch new products and strengthen its management team.

“Having partners like KKR, Google Capital and Time Warner/Turner Sports invest in FanDuel underscores the way this company is transforming sports entertainment,” FanDuel chief executive co-founder Nigel Eccles said. “This roster of investors, with expertise across finance, technology, advertising and sports entertainment, is committed to the growth and success of FanDuel as a game-changer for the sports industry.”

Meanwhile, DraftKings looks set to match market leader FanDuel’s advertising spend after reportedly telling marketing companies that it has a budget of $200m in the coming year.

Website Adweek says that DraftKIngs is in the final stages of its search to find an advertising partner to replace Havas Edge, with a handful of agencies scheduled to make presentations later this week including BBDO, The Martin Agency, Arnold, Wieden + Kennedy and Butler, Shine, Stern & Partners.

The budget would be a six-fold increase from last year, when DraftKings spent more than $35m in media, according to Kantar Media.